Stuyvesant High School student Mohammed Islam has admitted that a New York magazine report that he made $72 million trading stocks was fake, according to an interview published on the New York Observer's website Monday. When asked if the stock gains were "total fiction," Islam admitted he had invented the story and that he has only taken part in simulated trades with his high school club, the report said. "My friend's father worked at New York magazine, and he had the reporter contact me," Islam was quoted as saying. He reportedly added that his parents were furious about the report, saying, "my dad wanted to disown me."
Copyright © 2014 MarketWatch, Inc.